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Massachusetts Institute of Technology, Office of the Vice President for Finance and Treasurer, records of Glenn P. Strehle and Joseph J. Snyder

 Collection
Identifier: AC-0500

  • Staff Only
  • No requestable containers

Scope and Contents

The collection comprises records from the Massachusetts Institute of Technology (MIT) Office of the Vice President for Finance and Treasurer. These records were created from 1952 to 1998 during the tenures of Glenn P. Strehle and Joseph J. Snyder.

Dates

  • Creation: 1952 - 1998
  • Creation: Majority of material found within 1969 - 1998

Creator

Conditions Governing Access

This collection must be reviewed to identify any restricted material before access can be granted. Please submit your requests at least ten business days before your desired visit to allow time for this review. An archivist will respond within five business days to let you know whether your requested material is open. For complete information on this policy, see our Statement on Accessing Institute Records.

Conditions Governing Use

Access to collections in the Department of Distinctive Collections is not authorization to publish. Please see the MIT Libraries Permissions Policy for permission information. Copyright of some items in this collection may be held by respective creators, not by the donor of the collection or MIT.

Historical Note

Joseph J. Snyder

Assistant Treasurer
1946-1950
Treasurer
1950-1951
Vice President and Treasurer
1951-1975

Glenn P. Strehle

Treasurer
1975-1986
Vice President for Resource Development and Treasurer
1986-1994
Vice President for Finance and Treasurer
1994-1998

The executive vice president and treasurer is one of the principal officers of MIT, along with the chairman of the Corporation, the president, and the secretary.

The position of the treasurer was created when the Institute was incorporated in 1861. The first treasurer was Charles Henry Dalton. Like the other principal officers of the Institute, Dalton was appointed by a five-member nominating committee. He was charged with keeping an account of all moneys received and expended for the use of the Institute. He was authorized to make disbursements only upon vouchers, approved by the Committee of Finance, which also advised him in the care and investment of the Corporation’s funds. He was required to report to the Corporation semi-annually, or more often, and to the Institute annually.

The primary responsibilities of the treasurer included preparing the annual budget, overseeing the purchase and sale of securities and real estate, managing property insurance policies, mortgages, leases and building contracts, and administering bequests and scholarship funds. Although the bursar handled the routine finances of the Institute, particularly difficult problems regarding salaries, pensions, and individual scholarships were referred to the treasurer. By 1883, the treasurer was appointed by the Executive Committee.

In 1892 an executive subcommittee, consisting of two committee members, was appointed to assist the treasurer in the preparation of the budget. The treasurer would solicit annual budget requests from each academic department, and the Budget Committee would submit recommendations for budget appropriations for departmental expenses and salaries to the Executive Committee for approval. Because of his intimate knowledge of Institute finances, the treasurer was routinely appointed to other committees such as the Technological Fund Committee, 1904-1907; the Site Committee, formed in 1906 to find a new location for the MIT campus; the Income Fund, formed in the same year to secure funds for the project; and the Presidential Search Committee, formed in 1907.

By 1906 the payment of salaries and the authorized borrowing of funds were specifically listed among the responsibilities of the treasurer. By 1934 the financial agent of the Institute Corporation was appointed by the Finance Committee, of which the treasurer was an ex officio member.

The ever-increasing need for the Institute to raise money to enlarge endowed and permanent funds rendered the investment returns on the Institute’s assets extremely important. In 1952 the senior administration of the Corporation was restructured to include both a financial vice president and an academic vice president. Joseph J. Snyder, appointed treasurer in 1950, became vice president and treasurer.

In 1973 the Corporation Executive Committee redesignated the functions of the treasurer, separating them from the management of financial operations which report to the vice president for fiscal relations (later the vice president for financial operations). The treasurer of the Corporation became solely responsible for the stewardship and enhancement of the Institute’s assets and investments. The vice president for financial operations had responsibility for the Comptroller, Accounting, Finance, Lincoln Laboratory Fiscal Office, and the Office of Sponsored Programs. As a result, the treasurer reported jointly in the MIT Annual Report to the President with the vice president for financial operations.

In 1974 the sale, transfer, or investment of Corporation property was governed by the policies and procedures set down by an Investment Committee. This committee consisted of the chairman of the Corporation and the treasurer, ex officio, plus five members and two rotating members of the Corporation and could be chaired by any of the nine members. The treasurer was required to report to the Investment Committee and the vice president for financial operations.

In 1986 the vice president for resource development retired, and the responsibilities for that office were transferred to the incumbent treasurer, Glenn P. Strehle. Strehle then became vice president and treasurer. As treasurer, he had become involved in the cultivation and solicitation of numerous important donors and was responsible for the processing of gifts to the Institute through the recording secretary’s office. With the new appointment, Strehle devoted the majority of his efforts to the management of resource development and the deputy treasurer and director of investments, Allan S. Bufferd, assumed day-to-day responsibility for operations of the treasurer’s office.

In 1994 the senior administration of the Institute was reorganized and Glenn Strehle became vice president for finance and treasurer. The Office of the Treasurer was organized under two functional components: capital gifts and investments. The Office of Capital Gifts and Legal Affairs became responsible for managing capital gifts. The Office of the Deputy Treasurer for Investments became responsible for managing investments.

In 2004, the MIT Investment Management Company (MITIMCo) was established as a separate division of the Institute to manage the Institute’s endowment with oversight by the Executive Committee of the MIT Corporation. Allan Bufferd became the first president of MITIMCo in July 2004 and was succeeded by Seth Alexander in May 2006.

With Allan Bufferd’s retirement in 2006, the treasurer’s function became part of the responsibilities of the executive vice president for finance and administration. Previous executive vice presidents were John Curry (1998-2005) and Sherwin Greenblatt (interim 2005-2007).

Theresa M. Stone, a member of the MIT Corporation since 1996, was appointed executive vice president and treasurer in February 2007. Stone’s successor, Israel Ruiz, vice president for finance since 2007, was elected executive vice president and treasurer by the MIT Corporation on October 14, 2011. Ruiz’s successor, Glen Shor, vice president for finance since 2015, was elected executive vice president and treasurer by the MIT Corporation on October 2, 2020.

The executive vice president and treasurer is the Institute’s chief fiduciary officer and is responsible for leading all of the administrative and financial functions at MIT, and working with the president, the Corporation and members of MIT’s senior leadership team to ensure that MIT’s financial, capital, and operational resources are optimally deployed in a manner that supports the Institute’s academic mission of education and research. The executive vice president and treasurer reports on the financial condition of the Institute to the members at the annual meeting, or more often if determined to be necessary by the executive vice president and treasurer or requested by the Executive Committee.

The executive vice president and treasurer serves as an ex officio member of the Executive Committee and the Development Committee and the Development Committee Executive Board, as an ex officio director of MITIMCo, and as an ex officio member of the Corporation.

MIT History, Office of the Executive Vice President and Treasurer, 2020.

Extent

30 Cubic Feet (30 record cartons)

Language of Materials

English

Physical Location

Materials are stored off-site. Advance notice is required for use.

Other Finding Aids

A more detailed collection inventory is available to staff in the collection control file.

Processing Information note

Some collection descriptions are based on legacy data and may be incomplete or contain inaccuracies. Description may change pending verification. Please contact the MIT Department of Distinctive Collections if you notice any errors or discrepancies.

Title
Transfer List for Records of the Office of the Vice President for Finance and Treasurer
Status
Preliminary Inventory
Description rules
Describing Archives: A Content Standard
Language of description
English
Script of description
Latin

Revision Statements

  • 2021: Edited by Lana Mason for compliance with DACS single-level optimum requirements.

Repository Details

Part of the Massachusetts Institute of Technology. Libraries. Department of Distinctive Collections Repository

Contact:
Massachusetts Institute of Technology Libraries
Building 14N-118
77 Massachusetts Avenue
Cambridge MA 02139-4307 US